COVID-19 Raises Nigeria’s Mobile Banking To N16trn – IMF     The value of mobile money transactions increased to 9.72 per cent of Nigeria’s Gross Domestic Product in 2020 as the COVID-19 pandemic lockdowns pushed more people to Internal banking and other digital transaction. However, the number of...

Poor Vaccination, Policy’ll Slow Economic Recovery In Nigeria – IMF   The International Monetary Fund says slow vaccine rollout and stark differences in policy space are the leading reasons why economic recovery in Nigeria and other sub-Saharan African countries will be the slowest in the world. The...

COVID-19 Pushes Global Debt To $256trn – IMF   The COVID-19 pandemic pushed global debt to a record $255 trillion in 2020, according to the International Monetary Fund (IMF). The Director, Fiscal Affairs Department of the Fund, Mr. Victor Gaspar, disclosed this during a virtual press conference,...

IMF Increases Nigeria’s 2021 Growth Prospect To 2.6%   The International Monetary Fund has increased Nigeria’s growth prospect to 2.6 per cent and 2.7 per cent for 2021 and 2022, respectively, despite reducing the rate of global growth prospect due to the COVID-19 Delta variant. According to...

IMF Says Nigeria Recorded $85.21bn Net Foreign Liabilities       Nigeria’s foreign liabilities stood at $187.36bn while the country’s foreign assets amounted to $102.15bn as of December 2020, the International Monetary Fund has said. From 2016, Nigeria’s foreign liabilities jumped by 42.41 per cent from $131.56bn, while foreign...

Anticipated $3.4bn SDRs From IMF, $6.2bn Eurobond Issuance Lift Naira At BDC, Parallel Markets     Despite the suspension of supply of foreign exchange sales to Bureau De Change (BDCs) by the Central Bank of Nigeria (CBN, the naira strengthened against the dollar at the BDC and...